A financial institution can not make a headway without the appropriate customer service and support system. They can not afford to ignore customers’ feedback, complaints and queries. This article is aimed at touching the banking unit customer service and support as it’s a critical part of their operations.
Customer service is undoubtedly a very crucial factor when it comes to determining whether your customer will continue with your company or not. Research shows that a large percentage of people will choose to stick with the service provider of their bank because of positive experience with the customer service. Therefore it is important to provide exceptional customer service to retain the customer in financial institutions including Banking Unit.
Why Customer Service and Support?
When it comes to dealing with the finances of people in the society, trust is a critical factor. Financial institutions will go a long way to improve customer loyalty by delivering world class customer service experience. Providing meaningful and useful financial advice and information will also encourage the customers.
Customers want every attention that they can get. They want to know that they are important to you and are at the top of your list. When you make them feel this way, then you have them just at the right spot. This may play hard to get at first for a limited organization like Banking Unit, since it involves more cost, operations and even personnel. However in today’s world, Banking Units can take advantage of technology to take the burden off overburdened customers representatives. This will in turn save cost and time.
Some customer service challenges faced by Banking Unit
Slow Service Delivery
Oftentimes when a customer calls a bank for assistance, they have to navigate through long IVRs and then wait on the call before they finally get to speak to a customer care representative. Then the customer service representative may need to check back for the customer’s complaints. This will definitely lead to the frustration of the customer.
Some institutions rely on outsourcing customer care service to their part organizations, to cater to customers complaints and requests. This will only add more problems and delays to the customer service process. Regardless of how localized a Banking unit is, they can still leverage technology and automation to avoid losing customers. This way they can scale customer service and control costs.
Non personalized experience to all customers
The customer base for a Banking Unit keeps growing as time rolls by. Of course this is the purpose of every organization, to have more customers. While a local banking unit might not know the names of each customer and provide personalized care, as the customer base increases, this becomes more challenging.
Banking units may not know their customers’ names individually and offer them tailored solutions, but there are other means. Providing an individual centered service actually exceeds simply knowing their personal information alone. Banking Units can leverage artificial intelligence and machine learning algorithms in order to understand their customers better.
Responding to queries early
As opposed to most B2C scenarios, customer service representatives in Banking Units receive more queries and a longer turnaround time. These queries consist of a wider range of problems that are both simple and complex as the case may be. Almost 50% of organizations promise to resolve customer issues in less than 6 hours. Well, more often than not, this has not been the reality of customers.
In addressing some of these challenges, Banking Units can provide their customers with detailed FAQs and an extensive knowledge base. This will help them to self-serve to a reasonable extent. Automated responses and service level agreements(SLA) can also be provided to help set the expectation of customers right.
Ways in which Banking Units can improve Customer service
Transparency
As mentioned earlier, trust is an important factor when it comes to dealing with the finances of people in society. The best way to establish trust with your customers is by communicating with them in a transparent manner. You can start by speaking to them in a clear and understandable way. Try avoiding technical words, and if you must use them, ensure to break them down for the customer.
Communication
Talk to customers the same way you would talk to a friend or a family member. Always double check with them during every conversation. This way you can get their feedback from time to time and know if they understand all you have been saying. Also make sure you explain the implications of the financial decisions they decide to take.
Familiarizing with Industry-specific Knowledge
It is imperative that all customer facing employees have good knowledge services offered. They should also be well versed in the industry trends so they can suggest what works best for the customers.